Word: mergers
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Notwithstanding all the talk about scale, $300 million in annual cost savings and sizable purchasing power, the merger isn't so much an attempt to take on a behemoth like Wal-Mart as it is to survive in spite of it. Even with a combined $55 billion in annual sales, Sears and Kmart will be just one-fifth the size of Wal-Mart, which "is so overwhelming in terms of market share, logistics and efficiency that going up against them would be futile," as Michael Appel, managing director of Quest Turnaround Advisers, puts...
...sense, at least, there is no denying that the merger is all about real estate. For years, Sears has claimed to be the prisoner of its once pioneering shopping-mall locations, where, in fact, Americans do less and less of their shopping, especially on big-ticket items. By transforming several hundred of Kmart's 1,500 freestanding and strip-mall outposts into New Age Sears stores, at an estimated price of about $3 million apiece, the company hopes it can finally reach its best potential customers. That assumes, of course, that those customers want to reach Sears. For even...
...early 1980S, Burroughs Corp. was desperately seeking a way to get back in the game against IBM. Burroughs had fallen so far behind that it found itself utterly dwarfed by its larger rival. Burroughs' solution? Undertake the then largest merger in computer history: buy Sperry Corp. and create a new company--dubbed Unisys--as a single-step leap to greatness...
...Sibneft was scheduled to merge with Yukos until Khodorkovsky's troubles erupted in October 2003. Abramovich and Yukos jostled for power for weeks afterward, until the merger finally unraveled earlier this year, prompting speculation that Sibneft may be looking for a Western buyer. It's also possible that a Western oil firm might bid for Yugansk, although that would be asking for trouble. "Whoever buys it will be buying an enormous set of lawsuits," says Stuart E. Eizenstat, a former U.S. Undersecretary of State who is advising Group Menatep, an investment fund created by Khodorkovsky and his allies that owns...
...widespread speculation in Moscow that Sibneft, an oil company controlled by billionaire Roman Abramovich with proven reserves of 4 billion bbl., could be in play. Sibneft was scheduled to merge with Yukos until Khodorkovsky's troubles erupted. Abramovich and Yukos jostled for power for weeks afterward, until the merger finally unraveled earlier this year, prompting speculation that Sibneft may be looking for a Western buyer...